Mineral Sands to raise $10m in IPO for development, exploration

Perth-based Mineral Sands Ltd has announced plans to raise $10 million in its initial public offer, to fund development and exploration of its mineral sands projects in Western Australia, New South Wales and Victoria.

The company will issue 50 million shares at 20 cents each, in a deal which is not underwritten.

Mineral Sands is chaired by Graham Woolford in a non-executive capacity, with Patrick McManus as managing director. They are joined on the board by Mark Teakle, former Grant Thornton Perth managing partner Richard Basham and Richard Wolanski as company secretary.

The company has appointed Ernst & Young as its auditors and investigating accountants, with Blakiston & Crabb working as solicitors to the company.

The offer will open on April 10, to close May 8.